Bitcoin Briefly Cracks $7K but Fails to Consolidate

Bitcoin looked like it was going to launch the second quarter of 2020 with a stunning rally past the $6850 resistance level. As of April 2nd, the price of BTC rose to a new current high of $7,236 before sharply pulling back to below $6,750.

Bitcoin cracks 7k on april 2020 but fails to consolidate
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The price of BTC recently shot above the key resistance areas of $6,850 and $7,000 in the past 24 hours. It was a shortlived rally, however, as it went down to a low of $6722 at the next hourly candle. At the time of writing, BTC is trading within the $6,650 to $6,750 price range. 

As expected, altcoins rode the wave of Bitcoin’s short-term price recovery with ETH and XRP both posting gains of 4.38% and 1.96% respectively. THETA, BNB, DASH, XTZ, DGD, SXP, SNX, XMR, NANO, STEEM, BSV, BCN, and ZEN also gained over 5%. 

Despite the bearish overturn, Bitcoin continues to dominate the market with a 65.4% growth rate following its March 12 brutal selloff that saw its price plunge to below $4,000. If the bulls can muster a rally beyond the $6,850 resistance, there are chances of the price racing towards the $7,250 level in the coming sessions.

BTC met key resistance at $7,230 and entered bear territory almost immediately
BTC met key resistance at $7,230 and entered bear territory almost immediately | Source: TradingView

BTC Market Still Bullish

Bitcoin proponents remain optimistic about Bitcoin’s Q2 2020 results. There’s even speculation about whether BTC is set to mimic the April 2019 bull run

Morgan Creek Digital Co-founder, Anthony Pompliano believes this recent setback in price is only temporary and that Bitcoin is on course to regain all its Q1 losses and maybe post a new year-to-date high.

Source: Twitter

What About the Halving?

Echoing Pompliano’s sentiment, CEO of Galaxy Digital, Mike Novogratz recently predicted that the price on Bitcoin would least double before October 2020. He even went as far as to state that BTC could retest the $20,000 price level by the end of the year. The prominent Bitcoin advocate, however, admitted that he might give up on the number one cryptocurrency if its price doesn’t attain a new all-time high in 2020.

“This is the year of Bitcoin and if it doesn’t go up now by the end of the year, I might just hang my spurs.” He stated. 

Where do you think BTC is headed next, especially amid worsening economic conditions? 

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